Telkom says to cut at least 300 jobs

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South Africa's fixed-line operator Telkom plans to cut at least 300 jobs at its head office as part of a turnaround strategy that includes reducing costs, it said on Friday.

The company, in which government owns a stake of about 40%, plans to also outsource 260 roles.

"We have made important progress on our turnaround in the past two years but we still have a lot to do," said Telkom Group Chief Executive Officer Sipho Maseko in a statement.

Telkom is nearing the end of the first phase of a turnaround strategy that includes cutting jobs, outsourcing services such as telephone directory printing and selling some properties in a portfolio whose size is slightly larger than Luxembourg.

Telkom's share price, which has climbed by 300% since Maseko took the reins two years ago, was up 0.7% at R53.86 by 1033 GMT.